What is Solar (SXP)? How Does the Solar Network Work?

There are thousands of crypto projects that offer innovative solutions for individuals and businesses. But the problem is that most of these projects didn’t have any reputation in the traditional financial markets in the past. Therefore, traditional investors are often reluctant to invest in these projects.

But there’s a new blockchain network that had acquired the partnership of many influential people before it even entered the crypto space.

What is Solar (SXP)?

Solar, formerly known as Swipe, is a layer-1 blockchain network that allows developers to build innovative blockchain solutions while supporting decentralized peer-to-peer transactions. The developers can create decentralized applications (DApps) and build new fungible and non-fungible tokens using the Side Ledger Protocol.

The platform offers an easy-to-understand interface so that everyone can take advantage of its innovative features. The best part is that it’s one of the few layer-1 blockchain networks that are governed by community members. With DAO Governance, it allows users to submit proposals and vote on the proposals submitted by other users.

Thus, it offers a scalable and secure environment for blockchain transactions. The Solar team is working on introducing new features like Solar Launchpad and Solar Metaverse so that users can enjoy the maximum potential of the blockchain space.

Solar (SXP) Brief History

Solar Network was introduced by Nayiem Willems and Joseliot Lizarondo in 2018. The project was aimed at providing sustainable energy solutions to remote areas. Solar (SXP) was previously known as the Swipe payment system in the traditional financial market. It gained a lot of reputation in the traditional market.

Binance acquired this company in July 2020. In December 2021, the Solar Blockchain Foundation was established. It’s a non-profit organization dedicated to building a thriving community of developers and investors.

Important Features of Solar (SXP)

Solar Wallet

Solar Wallet is easily accessible through mobile and desktop applications. The users can store their SXP tokens in the Solar Wallet. Moreover, they can directly build new applications and tokens using this wallet. The platform offers a software development kit (SDK) for developers who want to build innovative blockchain solutions.

Solar Side Ledger Protocol

This protocol enables users to create new non-fungible tokens quickly and efficiently. They can also build new ERC-20 tokens for their decentralized applications. The platform charges a nominal fee for creating these tokens.

Solar Metaverse

Solar Metaverse is currently in its development phase. The goal of introducing this new feature is to offer a better user experience and minting functionality in a secure ecosystem. The Solar Metaverse will be powered by SXP tokens. Like any other metaverse, Solar Metaverse will consist of a set of NFTs.

The developers are also working on introducing an NFT marketplace for selling and purchasing NFT collectibles.

Solar DAO

Solar DAO is a decentralized autonomous organization managed by community members and SXP token holders. The token holders can vote to choose node operators based on their previous reputation. They can also vote on the proposals represented for the development of the project.

Solar Launchpad

As the name suggests, Solar Launchpad will facilitate the developers who want to launch their applications and tokens on this blockchain network. It will incorporate KYC authentication and optional auditing to ensure the privacy of security of the decentralized applications.

Solar’s Consensus Mechanism

Solar Network uses a delegated proof-of-stake consensus mechanism to finalize transactions. Unlike other blockchain networks, Solar doesn’t require heavy energy resources to complete the transactions. It allows node operators to secure the network without adding more computing power to the grid.

How Does Solar Network Work?

As it’s discussed before, the Solar network uses a delegated proof-of-stake consensus mechanism to secure the network. The platform is managed by 53 delegates who are elected by the community members. The community members trust these delegates with their SXP tokens and they have the right to change the delegate if they aren’t satisfied with the performance of any of the existing delegates.

They can submit a proposal to remove the delegate and the other community members will vote on the proposal. The delegates receive SXP tokens as a reward when they validate a transaction. They’re responsible for distributing the rewards among other community members who have trusted them with their SXP tokens.

SXP is the primary currency that is used for local transactions. Moreover, it’s also the default currency of the decentralized applications built on the network. However, the developers can create a new token if they want to customize the transaction process. The platform has established a strong ecosystem of smart contracts and decentralized storage.

The developers also have access to a wide range of tools and resources that may be required to build innovative applications. Furthermore, the platform provides governance rights to its token holders to participate in the development of the project.

SXP Tokenomics

SXP is the native token of the Solar network that is used to pay transaction fees. Moreover, the token holders can stake their SXP tokens to earn the staking rewards. They can also participate in the network’s governance depending on the number of tokens they hold.

With a circulating supply of 560 million tokens, Solar has a market cap of $400.8 million. It ranks among the 100 best cryptocurrencies in terms of market cap.

Conclusion

Solar (SXP) is a layer-1 blockchain network that had previously established its reputation in the traditional financial market under the Swipe. The project is backed by Binance and offers a user-friendly ecosystem for developers who want to launch their decentralized applications. The team is also working on introducing advanced concepts like Metaverse and Launchpad.

If you need more information about how Solar Network works, feel free to get in touch with us. We invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and crypto market.